Ch.25 Sec 4 Flashcards
1
Q
Laissez faire
A
Economic theory that argues that governments should not interfere with business affairs
2
Q
Adam Smith
A
Philosopher who defended laissez faire economics
3
Q
Capitalism
A
Economic system in which people invest money to make a profit
4
Q
Utilitarianism
A
Believe that an idea is only as good as it is useful
5
Q
Socialism
A
Believe that businesses should be on my side he has a whole
6
Q
Karl Marx
A
Economic thinker who wrote a radical form of socialism
7
Q
Communism
A
Form of socialism in which all productions is owned by the people
8
Q
Union
A
Organized group of workers that bargain with business owners to get better pay and working conditions
9
Q
Strike
A
Organized refusal to work
